ONGC has reported a provisional net profit of Rs 5,655 crore for fiscal 2001-02, which is 8.1 per cent more than Rs 5,299 crore net profit recorded in 2000-01, according to a company release.

The net profit had been worked out after making a provision of Rs 3,247 crore as corporate tax and payment of Rs 6,082 crore towards other statutory dues, the release added.

The company has made a number of significant discoveries during the year some of which are under assessment and the total reserve is likely to exceed 120-130 million tonnes. Detailed plans are being finalised for developing early production system for the major discoveries, specially in the western offshore and Krishna-Godavari basins. The Sakhalin project of ONGC Videsh Ltd (OVL) is also progressing on schedule. During the first half of the financial year, OVL completed the acquisition of 20 per cent equity in an offshore gas exploration block in Myanmar.